☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 25-1797617 | ||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
1201 South Second Street | ||||||||||||
Milwaukee, | Wisconsin | 53204 | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Common Stock ($1.00 par value) | ROK | New York Stock Exchange |
Large accelerated filer | ☑ | Accelerated filer | ☐ | |||||||||||||||||||||
Non-accelerated filer | Smaller reporting company | ☐ | ||||||||||||||||||||||
Emerging growth company | ||||||||||||||||||||||||
Page No. | |||||
December 31, 2023 | December 31, 2023 | September 30, 2023 | ||||||||||||||||||||||||
ASSETS | ASSETS | |||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||||||
December 31, 2017 | September 30, 2017 | ASSETS | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,547.0 | $ | 1,410.9 | ||||||||||||||||||||||
Short-term investments | 1,100.5 | 1,124.6 | ||||||||||||||||||||||||
Receivables | ||||||||||||||||||||||||||
Receivables | ||||||||||||||||||||||||||
Receivables | 1,149.9 | 1,135.5 | ||||||||||||||||||||||||
Inventories | 570.8 | 558.7 | ||||||||||||||||||||||||
Other current assets | 165.7 | 191.0 | ||||||||||||||||||||||||
Total current assets | 4,533.9 | 4,420.7 | ||||||||||||||||||||||||
Property, net of accumulated depreciation of $1,534.8 and $1,511.9, respectively | 565.8 | 583.9 | ||||||||||||||||||||||||
Property, net of accumulated depreciation of $1,866.3 and $1,828.3, respectively | ||||||||||||||||||||||||||
Operating lease right-of-use assets | ||||||||||||||||||||||||||
Goodwill | 1,082.3 | 1,077.7 | ||||||||||||||||||||||||
Other intangible assets, net | 234.0 | 238.0 | ||||||||||||||||||||||||
Deferred income taxes | 334.8 | 443.6 | ||||||||||||||||||||||||
Long-term investments | ||||||||||||||||||||||||||
Other assets | 407.9 | 397.8 | ||||||||||||||||||||||||
Total | $ | 7,158.7 | $ | 7,161.7 | ||||||||||||||||||||||
LIABILITIES AND SHAREOWNERS’ EQUITY | LIABILITIES AND SHAREOWNERS’ EQUITY | LIABILITIES AND SHAREOWNERS’ EQUITY | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||
Short-term debt | ||||||||||||||||||||||||||
Short-term debt | ||||||||||||||||||||||||||
Short-term debt | $ | 840.0 | $ | 350.4 | ||||||||||||||||||||||
Current portion of long-term debt | — | 250.0 | ||||||||||||||||||||||||
Accounts payable | ||||||||||||||||||||||||||
Accounts payable | ||||||||||||||||||||||||||
Accounts payable | 582.2 | 623.2 | ||||||||||||||||||||||||
Compensation and benefits | 194.3 | 272.6 | ||||||||||||||||||||||||
Advance payments from customers and deferred revenue | 267.5 | 240.6 | ||||||||||||||||||||||||
Contract liabilities | ||||||||||||||||||||||||||
Customer returns, rebates and incentives | 176.8 | 188.8 | ||||||||||||||||||||||||
Other current liabilities | 225.8 | 220.2 | ||||||||||||||||||||||||
Total current liabilities | 2,286.6 | 2,145.8 | ||||||||||||||||||||||||
Long-term debt | 1,239.3 | 1,243.4 | ||||||||||||||||||||||||
Retirement benefits | 880.6 | 892.5 | ||||||||||||||||||||||||
Operating lease liabilities | ||||||||||||||||||||||||||
Other liabilities | 596.0 | 216.4 | ||||||||||||||||||||||||
Commitments and contingent liabilities (Note 11) | ||||||||||||||||||||||||||
Shareowners’ equity: | ||||||||||||||||||||||||||
Commitments and contingent liabilities (Note 13) | Commitments and contingent liabilities (Note 13) | |||||||||||||||||||||||||
Shareowners’ equity | ||||||||||||||||||||||||||
Common stock ($1.00 par value, shares issued: 181.4) | ||||||||||||||||||||||||||
Common stock ($1.00 par value, shares issued: 181.4) | ||||||||||||||||||||||||||
Common stock ($1.00 par value, shares issued: 181.4) | 181.4 | 181.4 | ||||||||||||||||||||||||
Additional paid-in capital | 1,642.9 | 1,638.0 | ||||||||||||||||||||||||
Retained earnings | 5,759.7 | 6,103.4 | ||||||||||||||||||||||||
Accumulated other comprehensive loss | (1,175.7 | ) | (1,179.2 | ) | ||||||||||||||||||||||
Common stock in treasury, at cost (shares held: December 31, 2017, 53.6; September 30, 2017, 53.0) | (4,252.1 | ) | (4,080.0 | ) | ||||||||||||||||||||||
Common stock in treasury, at cost (shares held: 66.8 and 66.6, respectively) | ||||||||||||||||||||||||||
Shareowners’ equity attributable to Rockwell Automation, Inc. | ||||||||||||||||||||||||||
Noncontrolling interests | ||||||||||||||||||||||||||
Total shareowners’ equity | 2,156.2 | 2,663.6 | ||||||||||||||||||||||||
Total | $ | 7,158.7 | $ | 7,161.7 |
Three Months Ended December 31, | Three Months Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||
Sales | |||||||||||||||||||||||||||||||||||||||||||||
Products and solutions | $ | 1,412.5 | $ | 1,330.2 | |||||||||||||||||||||||||||||||||||||||||
Products and solutions | |||||||||||||||||||||||||||||||||||||||||||||
Products and solutions | |||||||||||||||||||||||||||||||||||||||||||||
Services | 174.1 | 160.1 | |||||||||||||||||||||||||||||||||||||||||||
1,586.6 | 1,490.3 | ||||||||||||||||||||||||||||||||||||||||||||
2,052.1 | |||||||||||||||||||||||||||||||||||||||||||||
Cost of sales | |||||||||||||||||||||||||||||||||||||||||||||
Products and solutions | (783.2 | ) | (747.1 | ) | |||||||||||||||||||||||||||||||||||||||||
Products and solutions | |||||||||||||||||||||||||||||||||||||||||||||
Products and solutions | |||||||||||||||||||||||||||||||||||||||||||||
Services | (106.3 | ) | (100.9 | ) | |||||||||||||||||||||||||||||||||||||||||
(889.5 | ) | (848.0 | ) | ||||||||||||||||||||||||||||||||||||||||||
(1,257.5) | |||||||||||||||||||||||||||||||||||||||||||||
Gross profit | 697.1 | 642.3 | |||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | (389.3 | ) | (370.0 | ) | |||||||||||||||||||||||||||||||||||||||||
Other income | 10.0 | 4.0 | |||||||||||||||||||||||||||||||||||||||||||
Change in fair value of investments | |||||||||||||||||||||||||||||||||||||||||||||
Other income (Note 11) | |||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (20.0 | ) | (18.7 | ) | |||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 297.8 | 257.6 | |||||||||||||||||||||||||||||||||||||||||||
Income tax provision | (534.2 | ) | (42.9 | ) | |||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (236.4 | ) | $ | 214.7 | ||||||||||||||||||||||||||||||||||||||||
(Loss) Earnings per share: | |||||||||||||||||||||||||||||||||||||||||||||
Income tax provision (Note 14) | |||||||||||||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interests | |||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Rockwell Automation, Inc. | |||||||||||||||||||||||||||||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||||||||||||||||||||||||
Basic | |||||||||||||||||||||||||||||||||||||||||||||
Basic | |||||||||||||||||||||||||||||||||||||||||||||
Basic | |||||||||||||||||||||||||||||||||||||||||||||
Diluted | |||||||||||||||||||||||||||||||||||||||||||||
Diluted | |||||||||||||||||||||||||||||||||||||||||||||
Diluted | |||||||||||||||||||||||||||||||||||||||||||||
Weighted average outstanding shares: | |||||||||||||||||||||||||||||||||||||||||||||
Weighted average outstanding shares: | |||||||||||||||||||||||||||||||||||||||||||||
Weighted average outstanding shares: | |||||||||||||||||||||||||||||||||||||||||||||
Basic | |||||||||||||||||||||||||||||||||||||||||||||
Basic | |||||||||||||||||||||||||||||||||||||||||||||
Basic | $ | (1.84 | ) | $ | 1.67 | ||||||||||||||||||||||||||||||||||||||||
Diluted | $ | (1.84 | ) | $ | 1.65 | ||||||||||||||||||||||||||||||||||||||||
Cash dividends per share | $ | 0.835 | $ | 0.76 | |||||||||||||||||||||||||||||||||||||||||
Weighted average outstanding shares: | |||||||||||||||||||||||||||||||||||||||||||||
Basic | 128.2 | 128.3 | |||||||||||||||||||||||||||||||||||||||||||
Diluted | 128.2 | 129.7 |
Three Months Ended December 31, | |||||||
2017 | 2016 | ||||||
Net (loss) income | $ | (236.4 | ) | $ | 214.7 | ||
Other comprehensive income (loss), net of tax: | |||||||
Pension and other postretirement benefit plan adjustments (net of tax expense of $7.4 and $12.8) | 20.2 | 24.5 | |||||
Currency translation adjustments | (16.1 | ) | (86.2 | ) | |||
Net change in unrealized gains and losses on cash flow hedges (net of tax (benefit) expense of ($0.3) and $4.0) | 0.5 | 11.6 | |||||
Net change in unrealized gains and losses on available-for-sale investments (net of tax benefit of $0.3 and $0.0) | (1.1 | ) | — | ||||
Other comprehensive income (loss) | 3.5 | (50.1 | ) | ||||
Comprehensive (loss) income | $ | (232.9 | ) | $ | 164.6 |
Three Months Ended December 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Net income | $ | 212.7 | $ | 378.7 | |||||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||
Pension and other postretirement benefit plan adjustments (net of tax benefit of $0.0 and $0.4) | 0.1 | (0.4) | |||||||||||||||||||||
Currency translation adjustments | 84.2 | 85.8 | |||||||||||||||||||||
Net change in cash flow hedges (net of tax benefit of $9.0 and $8.9) | (23.9) | (21.1) | |||||||||||||||||||||
Other comprehensive income | 60.4 | 64.3 | |||||||||||||||||||||
Comprehensive income | 273.1 | 443.0 | |||||||||||||||||||||
Comprehensive loss attributable to noncontrolling interests | (2.4) | (5.3) | |||||||||||||||||||||
Comprehensive income attributable to Rockwell Automation, Inc. | $ | 275.5 | $ | 448.3 |
Three Months Ended December 31, | |||||||||||||||||||||
Three Months Ended December 31, | 2023 | 2022 | |||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net (loss) income | $ | (236.4 | ) | $ | 214.7 | ||||||||||||||||
Adjustments to arrive at cash provided by operating activities: | |||||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net income | |||||||||||||||||||||
Net income | |||||||||||||||||||||
Net income | |||||||||||||||||||||
Adjustments to arrive at cash provided by operating activities | |||||||||||||||||||||
Depreciation | |||||||||||||||||||||
Depreciation | |||||||||||||||||||||
Depreciation | 32.5 | 32.5 | |||||||||||||||||||
Amortization of intangible assets | 7.1 | 7.9 | |||||||||||||||||||
Change in fair value of investments | |||||||||||||||||||||
Share-based compensation expense | 8.6 | 10.7 | |||||||||||||||||||
Retirement benefit expense | 28.3 | 43.0 | |||||||||||||||||||
Retirement benefit expense (income) | |||||||||||||||||||||
Net loss on disposition of property | |||||||||||||||||||||
Pension contributions | (11.6 | ) | (13.5 | ) | |||||||||||||||||
Net loss on disposition of property | — | 0.3 | |||||||||||||||||||
Changes in assets and liabilities, excluding effects of acquisitions and foreign currency adjustments: | |||||||||||||||||||||
Pension contributions | |||||||||||||||||||||
Pension contributions | |||||||||||||||||||||
Changes in assets and liabilities, excluding effects of acquisitions and foreign currency adjustments | |||||||||||||||||||||
Receivables | |||||||||||||||||||||
Receivables | |||||||||||||||||||||
Receivables | (18.4 | ) | 6.0 | ||||||||||||||||||
Inventories | (19.2 | ) | (27.9 | ) | |||||||||||||||||
Accounts payable | (36.8 | ) | (10.4 | ) | |||||||||||||||||
Advance payments from customers and deferred revenue | 27.9 | 16.8 | |||||||||||||||||||
Contract liabilities | |||||||||||||||||||||
Compensation and benefits | (77.0 | ) | 22.4 | ||||||||||||||||||
Income taxes | 508.0 | 22.3 | |||||||||||||||||||
Other assets and liabilities | (0.3 | ) | (14.0 | ) | |||||||||||||||||
Cash provided by operating activities | 212.7 | 310.8 | |||||||||||||||||||
Investing activities: | |||||||||||||||||||||
Capital expenditures | (34.1 | ) | (39.4 | ) | |||||||||||||||||
Capital expenditures | |||||||||||||||||||||
Capital expenditures | |||||||||||||||||||||
Acquisition of businesses, net of cash acquired | (9.9 | ) | (1.1 | ) | |||||||||||||||||
Purchases of investments | (275.2 | ) | (191.3 | ) | |||||||||||||||||
Proceeds from maturities of investments | 234.5 | 193.9 | |||||||||||||||||||
Proceeds from sale of investments | 51.5 | — | |||||||||||||||||||
Proceeds from sale of property | 0.2 | 0.3 | |||||||||||||||||||
Proceeds from sale of investments | |||||||||||||||||||||
Proceeds from sale of investments | |||||||||||||||||||||
Other investing activities | |||||||||||||||||||||
Other investing activities | |||||||||||||||||||||
Other investing activities | |||||||||||||||||||||
Cash used for investing activities | (33.0 | ) | (37.6 | ) | |||||||||||||||||
Financing activities: | |||||||||||||||||||||
Net issuance of short-term debt | |||||||||||||||||||||
Net issuance of short-term debt | |||||||||||||||||||||
Net issuance of short-term debt | |||||||||||||||||||||
Financing activities: | |||||||||||||||||||||
Net issuance (repayment) of short-term debt | 489.6 | (40.0 | ) | ||||||||||||||||||
Repayment of long-term debt | (250.0 | ) | — | ||||||||||||||||||
Repayment of short-term debt | |||||||||||||||||||||
Repayment of short-term debt | |||||||||||||||||||||
Repayment of short-term debt | |||||||||||||||||||||
Cash dividends | |||||||||||||||||||||
Cash dividends | |||||||||||||||||||||
Cash dividends | (107.3 | ) | (97.5 | ) | |||||||||||||||||
Purchases of treasury stock | (190.8 | ) | (82.0 | ) | |||||||||||||||||
Proceeds from the exercise of stock options | 30.1 | 67.6 | |||||||||||||||||||
Other financing activities | 1.8 | — | |||||||||||||||||||
Cash used for financing activities | (26.6 | ) | (151.9 | ) | |||||||||||||||||
Cash provided by (used for) financing activities | |||||||||||||||||||||
Effect of exchange rate changes on cash | |||||||||||||||||||||
Decrease in cash, cash equivalents, and restricted cash | |||||||||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | |||||||||||||||||||||
Cash, cash equivalents, and restricted cash at end of period | |||||||||||||||||||||
Components of cash, cash equivalents, and restricted cash | |||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||
Restricted cash, current (Other current assets) | |||||||||||||||||||||
Effect of exchange rate changes on cash | (17.0 | ) | (53.1 | ) | |||||||||||||||||
Increase in cash and cash equivalents | 136.1 | 68.2 | |||||||||||||||||||
Cash and cash equivalents at beginning of period | 1,410.9 | 1,526.4 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 1,547.0 | $ | 1,594.6 | |||||||||||||||||
Total cash, cash equivalents, and restricted cash | |||||||||||||||||||||
Total cash, cash equivalents, and restricted cash | |||||||||||||||||||||
Total cash, cash equivalents, and restricted cash |
Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Common stock in treasury, at cost | Total attributable to Rockwell Automation, Inc. | Noncontrolling interests | Total shareowners' equity | |||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | $ | 181.4 | $ | 2,102.5 | $ | 9,255.2 | $ | (790.1) | $ | (7,187.4) | $ | 3,561.6 | $ | 181.8 | $ | 3,743.4 | ||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | 215.2 | — | — | 215.2 | (2.5) | 212.7 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 60.3 | — | 60.3 | 0.1 | 60.4 | ||||||||||||||||||||||||||||||||||||||||||
Common stock issued (including share-based compensation impact) | — | 8.8 | — | — | 26.9 | 35.7 | — | 35.7 | ||||||||||||||||||||||||||||||||||||||||||
Share repurchases | — | — | — | — | (121.2) | (121.2) | — | (121.2) | ||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared (1) | — | — | (143.9) | — | — | (143.9) | — | (143.9) | ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2023 | $ | 181.4 | $ | 2,111.3 | $ | 9,326.5 | $ | (729.8) | $ | (7,281.7) | $ | 3,607.7 | $ | 179.4 | $ | 3,787.1 |
Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Common stock in treasury, at cost | Total attributable to Rockwell Automation, Inc. | Noncontrolling interests | Total shareowners' equity | |||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | 181.4 | $ | 2,007.1 | $ | 8,411.8 | $ | (917.5) | $ | (6,957.2) | $ | 2,725.6 | $ | 291.1 | $ | 3,016.7 | ||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | 384.0 | — | — | 384.0 | (5.3) | 378.7 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 64.3 | — | 64.3 | — | 64.3 | ||||||||||||||||||||||||||||||||||||||||||
Common stock issued (including share-based compensation impact) | — | 8.6 | — | — | 24.2 | 32.8 | — | 32.8 | ||||||||||||||||||||||||||||||||||||||||||
Share repurchases | — | — | — | — | (156.0) | (156.0) | — | (156.0) | ||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared (1) | — | — | (135.9) | — | — | (135.9) | — | (135.9) | ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | 181.4 | $ | 2,015.7 | $ | 8,659.9 | $ | (853.2) | $ | (7,089.0) | $ | 2,914.8 | $ | 285.8 | $ | 3,200.6 |
Three Months Ended December 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Net income attributable to Rockwell Automation, Inc. | $ | 215.2 | $ | 384.0 | |||||||||||||||||||
Less: Allocation to participating securities | (1.0) | (1.5) | |||||||||||||||||||||
Net income available to common shareowners | $ | 214.2 | $ | 382.5 | |||||||||||||||||||
Basic weighted average outstanding shares | 114.6 | 114.8 | |||||||||||||||||||||
Effect of dilutive securities | |||||||||||||||||||||||
Stock options | 0.6 | 0.6 | |||||||||||||||||||||
Performance shares | — | 0.1 | |||||||||||||||||||||
Diluted weighted average outstanding shares | 115.2 | 115.5 | |||||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic | $ | 1.87 | $ | 3.33 | |||||||||||||||||||
Diluted | $ | 1.86 | $ | 3.31 |
Three Months Ended December 31, | |||||||
2017 | 2016 | ||||||
Net (loss) income | $ | (236.4 | ) | $ | 214.7 | ||
Less: Allocation to participating securities | 0.2 | (0.2 | ) | ||||
Net (loss) income available to common shareowners | $ | (236.2 | ) | $ | 214.5 | ||
Basic weighted average outstanding shares | 128.2 | 128.3 | |||||
Effect of dilutive securities | |||||||
Stock options | — | 1.2 | |||||
Performance shares | — | 0.2 | |||||
Diluted weighted average outstanding shares | 128.2 | 129.7 | |||||
(Loss) Earnings per share: | |||||||
Basic | $ | (1.84 | ) | $ | 1.67 | ||
Diluted | $ | (1.84 | ) | $ | 1.65 |
Three Months Ended December 31, 2023 | Three Months Ended December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Intelligent Devices | Software & Control | Lifecycle Services | Total | Intelligent Devices | Software & Control | Lifecycle Services | Total | ||||||||||||||||||||||||||||||||||||||||
North America | $ | 604.3 | $ | 386.6 | $ | 256.2 | $ | 1,247.1 | $ | 567.4 | $ | 384.1 | $ | 227.4 | $ | 1,178.9 | |||||||||||||||||||||||||||||||
Europe, Middle East, and Africa | 166.6 | 99.8 | 121.9 | 388.3 | 171.2 | 85.8 | 115.8 | 372.8 | |||||||||||||||||||||||||||||||||||||||
Asia Pacific | 97.9 | 79.0 | 98.7 | 275.6 | 131.3 | 68.4 | 96.8 | 296.5 | |||||||||||||||||||||||||||||||||||||||
Latin America | 58.5 | 38.2 | 44.4 | 141.1 | 66.3 | 35.0 | 31.5 | 132.8 | |||||||||||||||||||||||||||||||||||||||
Total Company Sales | $ | 927.3 | $ | 603.6 | $ | 521.2 | $ | 2,052.1 | $ | 936.2 | $ | 573.3 | $ | 471.5 | $ | 1,981.0 |
December 31, 2023 | December 31, 2022 | ||||||||||
Balance as of beginning of year | $ | 653.6 | $ | 541.3 | |||||||
Balance as of end of period | 673.9 | 602.4 |
Three Months Ended December 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Grants | Wtd. Avg. Share Fair Value | Grants | Wtd. Avg. Share Fair Value | ||||||||||||||||||||
Stock options | 217 | $ | 85.91 | 233 | $ | 77.62 | |||||||||||||||||
Performance shares | 79 | 295.06 | 66 | 340.77 | |||||||||||||||||||
Restricted stock units | 235 | 276.46 | 211 | 259.67 | |||||||||||||||||||
Unrestricted stock | 5 | 279.50 | 6 | 259.81 |
Three Months Ended December 31, | |||||||||||||
2017 | 2016 | ||||||||||||
Grants | Wtd. Avg. Share Fair Value | Grants | Wtd. Avg. Share Fair Value | ||||||||||
Stock options | 837 | $ | 35.54 | 943 | $ | 25.27 | |||||||
Performance shares | 40 | 219.04 | 42 | 174.37 | |||||||||
Restricted stock and restricted stock units | 31 | 192.70 | 41 | 135.17 | |||||||||
Unrestricted stock | 5 | 180.70 | 6 | 120.57 |
December 31, 2023 | September 30, 2023 | ||||||||||
Finished goods | $ | 569.9 | $ | 545.9 | |||||||
Work in process | 367.5 | 395.7 | |||||||||
Raw materials | 536.6 | 463.3 | |||||||||
Inventories | $ | 1,474.0 | $ | 1,404.9 |
December 31, 2017 | September 30, 2017 | ||||||
Finished goods | $ | 235.3 | $ | 218.7 | |||
Work in process | 178.7 | 168.0 | |||||
Raw materials | 156.8 | 172.0 | |||||
Inventories | $ | 570.8 | $ | 558.7 |
Purchase Price Allocation | ||||||||
Receivables | $ | 8.2 | ||||||
Inventory | 22.1 | |||||||
Goodwill | 267.0 | |||||||
Intangible assets | 313.1 | |||||||
All other assets | 10.8 | |||||||
Total assets acquired | 621.2 | |||||||
Less: Liabilities assumed | (12.7) | |||||||
Net assets acquired | $ | 608.5 | ||||||
Purchase Consideration | ||||||||
Cash consideration, net of cash acquired | $ | 565.5 | ||||||
Contingent consideration | 43.0 | |||||||
Total purchase consideration, net of cash acquired | $ | 608.5 |
Purchase Price Allocation | ||||||||
Receivables | $ | 8.0 | ||||||
Goodwill | 133.0 | |||||||
Intangible assets | 47.0 | |||||||
All other assets | 1.4 | |||||||
Total assets acquired | 189.4 | |||||||
Less: Liabilities assumed | (6.2) | |||||||
Net assets acquired | $ | 183.2 | ||||||
Purchase Consideration | ||||||||
Total purchase consideration, net of cash acquired | $ | 183.2 |
Purchase Price Allocation | ||||||||
Receivables | $ | 23.8 | ||||||
Inventories | 17.7 | |||||||
Property | 27.5 | |||||||
Goodwill | 111.3 | |||||||
Other intangible assets | 54.1 | |||||||
All other assets | 21.0 | |||||||
Total assets acquired | 255.4 | |||||||
Less: Liabilities assumed | (12.6) | |||||||
Less: Deferred income taxes | (56.6) | |||||||
Net assets acquired, excluding cash | $ | 186.2 | ||||||
Purchase Consideration | ||||||||
Total purchase consideration, net of cash acquired | $ | 186.2 |
Architecture & Software | Control Products & Solutions | Total | |||||||||
Balance as of September 30, 2017 | $ | 417.2 | $ | 660.5 | $ | 1,077.7 | |||||
Acquisition of business | 6.8 | — | 6.8 | ||||||||
Translation | (0.6 | ) | (1.6 | ) | (2.2 | ) | |||||
Balance as of December 31, 2017 | $ | 423.4 | $ | 658.9 | $ | 1,082.3 |
December 31, 2017 | |||||||||||
Carrying Amount | Accumulated Amortization | Net | |||||||||
Amortized intangible assets: | |||||||||||
Computer software products | $ | 194.8 | $ | 116.1 | $ | 78.7 | |||||
Customer relationships | 114.4 | 62.8 | 51.6 | ||||||||
Technology | 107.4 | 59.5 | 47.9 | ||||||||
Trademarks | 32.4 | 21.8 | 10.6 | ||||||||
Other | 11.4 | 9.9 | 1.5 | ||||||||
Total amortized intangible assets | 460.4 | 270.1 | 190.3 | ||||||||
Allen-Bradley® trademark not subject to amortization | 43.7 | — | 43.7 | ||||||||
Total | $ | 504.1 | $ | 270.1 | $ | 234.0 |
September 30, 2017 | |||||||||||
Carrying Amount | Accumulated Amortization | Net | |||||||||
Amortized intangible assets: | |||||||||||
Computer software products | $ | 194.8 | $ | 113.2 | $ | 81.6 | |||||
Customer relationships | 114.5 | 61.5 | 53.0 | ||||||||
Technology | 104.8 | 57.9 | 46.9 | ||||||||
Trademarks | 32.3 | 21.1 | 11.2 | ||||||||
Other | 11.4 | 9.8 | 1.6 | ||||||||
Total amortized intangible assets | 457.8 | 263.5 | 194.3 | ||||||||
Allen-Bradley® trademark not subject to amortization | 43.7 | — | 43.7 | ||||||||
Total | $ | 501.5 | $ | 263.5 | $ | 238.0 |
Intelligent Devices | Software & Control | Lifecycle Services | Total | ||||||||||||||||||||
Balance as of September 30, 2023 | $ | 595.8 | $ | 2,420.1 | $ | 513.3 | $ | 3,529.2 | |||||||||||||||
Acquisition of businesses | 267.0 | — | 133.0 | 400.0 | |||||||||||||||||||
Translation | 16.9 | 13.5 | 7.1 | 37.5 | |||||||||||||||||||
Balance as of December 31, 2023 | $ | 879.7 | $ | 2,433.6 | $ | 653.4 | $ | 3,966.7 | |||||||||||||||
Gross carrying value of goodwill | 879.7 | 2,433.6 | 810.9 | 4,124.2 | |||||||||||||||||||
Accumulated impairment losses | — | — | (157.5) | (157.5) | |||||||||||||||||||
Goodwill | $ | 879.7 | $ | 2,433.6 | $ | 653.4 | $ | 3,966.7 |
December 31, 2023 | |||||||||||||||||
Carrying Amount | Accumulated Amortization | Net | |||||||||||||||
Amortized intangible assets | |||||||||||||||||
Software products | $ | 105.1 | $ | 67.8 | $ | 37.3 | |||||||||||
Customer relationships | 618.4 | 152.2 | 466.2 | ||||||||||||||
Technology | 737.6 | 194.8 | 542.8 | ||||||||||||||
Trademarks | 133.0 | 33.1 | 99.9 | ||||||||||||||
Other | 5.7 | 5.2 | 0.5 | ||||||||||||||
Total amortized intangible assets | 1,599.8 | 453.1 | 1,146.7 | ||||||||||||||
Allen-Bradley® trademark not subject to amortization | 43.7 | — | 43.7 | ||||||||||||||
Other intangible assets | $ | 1,643.5 | $ | 453.1 | $ | 1,190.4 |
September 30, 2023 | |||||||||||||||||
Carrying Amount | Accumulated Amortization | Net | |||||||||||||||
Amortized intangible assets | |||||||||||||||||
Software products | $ | 100.4 | $ | 65.1 | $ | 35.3 | |||||||||||
Customer relationships | 606.1 | 141.3 | 464.8 | ||||||||||||||
Technology | 424.1 | 173.1 | 251.0 | ||||||||||||||
Trademarks | 86.3 | 29.3 | 57.0 | ||||||||||||||
Other | 6.0 | 5.4 | 0.6 | ||||||||||||||
Total amortized intangible assets | 1,222.9 | 414.2 | 808.7 | ||||||||||||||
Allen-Bradley® trademark not subject to amortization | 43.7 | — | 43.7 | ||||||||||||||
Other intangible assets | $ | 1,266.6 | $ | 414.2 | $ | 852.4 |
December 31, 2023 | September 30, 2023 | |||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||
Current portion of long-term debt | $ | 9.9 | $ | 9.9 | $ | 8.6 | $ | 8.6 | ||||||||||||||||||
Long-term debt | 2,863.0 | 2,623.1 | 2,862.9 | 2,442.6 |
December 31, 2023 | September 30, 2023 | ||||||||||
Unrealized losses on foreign exchange contracts | $ | 26.5 | $ | 10.8 | |||||||
Product warranty obligations | 19.0 | 18.3 | |||||||||
Taxes other than income taxes | 48.8 | 56.9 | |||||||||
Accrued interest | 38.1 | 18.6 | |||||||||
Income taxes payable | 262.1 | 248.6 | |||||||||
Operating lease liabilities | 91.3 | 83.4 | |||||||||
Other | 122.8 | 130.8 | |||||||||
Other current liabilities | $ | 608.6 | $ | 567.4 |
December 31, 2017 | September 30, 2017 | ||||||
Unrealized losses on foreign exchange contracts | $ | 28.8 | $ | 31.3 | |||
Product warranty obligations | 33.9 | 28.5 | |||||
Taxes other than income taxes | 50.3 | 42.7 | |||||
Accrued interest | 15.1 | 16.9 | |||||
Income taxes payable | 35.8 | 32.6 | |||||
Other | 61.9 | 68.2 | |||||
Other current liabilities | $ | 225.8 | $ | 220.2 |
Three Months Ended December 31, | |||||||
2017 | 2016 | ||||||
Balance at beginning of period | $ | 28.5 | $ | 28.0 | |||
Accruals for warranties issued during the current period | 6.4 | 6.1 | |||||
Adjustments to pre-existing warranties | 3.9 | (0.3 | ) | ||||
Settlements of warranty claims | (4.9 | ) | (6.6 | ) | |||
Balance at end of period | $ | 33.9 | $ | 27.2 |
December 31, 2023 | September 30, 2023 | |||||||||||||
Fixed income securities | $ | 0.6 | $ | 0.6 | ||||||||||
Equity securities (other) | 98.5 | 96.0 | ||||||||||||
Other | 63.4 | 61.1 | ||||||||||||
Total investments | 162.5 | 157.7 | ||||||||||||
Less: Short-term investments (1) | (0.6) | (0.6) | ||||||||||||
Long-term investments | $ | 161.9 | $ | 157.1 |
December 31, 2017 | September 30, 2017 | |||||||
Certificates of deposit and time deposits | $ | 975.1 | $ | 1,005.3 | ||||
Commercial paper | 26.4 | 20.3 | ||||||
Corporate debt securities | 201.0 | 199.4 | ||||||
Government securities | 123.9 | 116.8 | ||||||
Asset-backed securities | 48.2 | 45.8 | ||||||
Total | $ | 1,374.6 | $ | 1,387.6 |
Fair Value | ||||
Less than one year | $ | 1,100.5 | ||
Due in one to five years | 274.1 | |||
Total | $ | 1,374.6 |
December 31, 2017 | September 30, 2017 | |||||||
Short-term investments | $ | 1,100.5 | $ | 1,124.6 | ||||
Other assets | 274.1 | 263.0 | ||||||
Total | $ | 1,374.6 | $ | 1,387.6 |
Three Months Ended December 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Net gain on equity securities (level 1) | $ | — | $ | 141.0 | |||||||||||||||||||
Net gain on equity securities (other) | 2.5 | — | |||||||||||||||||||||
Equity method gain (loss) on Other investments | 0.6 | (0.4) | |||||||||||||||||||||
Change in fair value of investments | 3.1 | 140.6 | |||||||||||||||||||||
Total net realized gain on equity securities | — | 33.9 | |||||||||||||||||||||
Total net unrealized gain on equity securities | $ | 2.5 | $ | 107.1 |
Level 1: | Quoted prices in active markets for identical assets or liabilities. |
Level 2: | Quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. |
Level 3: | Unobservable inputs for the asset or liability. |
December 31, 2017 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Certificates of deposit and time deposits | $ | — | $ | 975.1 | $ | — | $ | 975.1 | ||||||||
Commercial paper | — | 26.4 | — | 26.4 | ||||||||||||
Corporate debt securities | — | 201.0 | — | 201.0 | ||||||||||||
Government securities | 106.1 | 17.8 | — | 123.9 | ||||||||||||
Asset-backed securities | — | 48.2 | — | 48.2 | ||||||||||||
Total | $ | 106.1 | $ | 1,268.5 | $ | — | $ | 1,374.6 |
September 30, 2017 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Certificates of deposit and time deposits | $ | — | $ | 1,005.3 | $ | — | $ | 1,005.3 | ||||||||
Commercial paper | — | 20.3 | — | 20.3 | ||||||||||||
Corporate debt securities | — | 199.4 | — | 199.4 | ||||||||||||
Government securities | 98.9 | 17.9 | — | 116.8 | ||||||||||||
Asset-backed securities | — | 45.8 | — | 45.8 | ||||||||||||
Total | $ | 98.9 | $ | 1,288.7 | $ | — | $ | 1,387.6 |
Pension Benefits | |||||||||||||||||||||||
Three Months Ended December 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Service cost | $ | 9.3 | $ | 10.6 | |||||||||||||||||||
Interest cost | 36.6 | 39.2 | |||||||||||||||||||||
Expected return on plan assets | (42.2) | (51.3) | |||||||||||||||||||||
Amortization of net actuarial gain | (0.3) | (1.0) | |||||||||||||||||||||
Net periodic pension benefit cost (credit) | $ | 3.4 | $ | (2.5) |
Other Postretirement Benefits | |||||||||||||||||||||||
Three Months Ended December 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Service cost | $ | 0.1 | $ | 0.1 | |||||||||||||||||||
Interest cost | 0.6 | 0.6 | |||||||||||||||||||||
Amortization of net actuarial loss | 0.4 | 0.1 | |||||||||||||||||||||
Net periodic postretirement benefit cost | $ | 1.1 | $ | 0.8 |
Three Months Ended December 31, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
Interest income | $ | 5.0 | $ | 1.3 | ||||||||||||||||||||||
Royalty income | 2.8 | 2.5 | ||||||||||||||||||||||||
Legacy product liability and environmental charges | (5.0) | (2.8) | ||||||||||||||||||||||||
Non-operating pension and postretirement benefit credit | 4.9 | 12.4 | ||||||||||||||||||||||||
Other | 1.2 | 3.9 | ||||||||||||||||||||||||
Other income | $ | 8.9 | $ | 17.3 |
Pension Benefits | |||||||
Three Months Ended December 31, | |||||||
2017 | 2016 | ||||||
Service cost | $ | 22.2 | $ | 24.1 | |||
Interest cost | 38.8 | 37.8 | |||||
Expected return on plan assets | (61.2 | ) | (56.2 | ) | |||
Amortization: | |||||||
Prior service cost (credit) | 0.2 | (0.8 | ) | ||||
Net actuarial loss | 28.3 | 38.0 | |||||
Settlements | — | 0.2 | |||||
Net periodic benefit cost | $ | 28.3 | $ | 43.1 |
Other Postretirement Benefits | |||||||
Three Months Ended December 31, | |||||||
2017 | 2016 | ||||||
Service cost | $ | 0.3 | $ | 0.3 | |||
Interest cost | 0.6 | 0.6 | |||||
Amortization: | |||||||
Prior service credit | (1.3 | ) | (1.5 | ) | |||
Net actuarial loss | 0.4 | 0.5 | |||||
Net periodic benefit cost (income) | $ | — | $ | (0.1 | ) |
Three Months Ended December 31, 2023 | Pension and other postretirement benefit plan adjustments, net of tax | Accumulated currency translation adjustments, net of tax | Net unrealized losses on cash flow hedges, net of tax | Total accumulated other comprehensive loss, net of tax | |||||||||||||||||||||||||
Balance as of September 30, 2023 | $ | (407.1) | $ | (364.9) | $ | (18.1) | $ | (790.1) | |||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | — | 84.1 | (17.7) | 66.4 | |||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 0.1 | — | (6.2) | (6.1) | |||||||||||||||||||||||||
Other comprehensive income (loss) | 0.1 | 84.1 | (23.9) | 60.3 | |||||||||||||||||||||||||
Balance as of December 31, 2023 | $ | (407.0) | $ | (280.8) | $ | (42.0) | $ | (729.8) | |||||||||||||||||||||
Three Months Ended December 31, 2022 | Pension and other postretirement benefit plan adjustments, net of tax | Accumulated currency translation adjustments, net of tax | Net unrealized losses on cash flow hedges, net of tax | Total accumulated other comprehensive loss, net of tax | |||||||||||||||||||||||||
Balance as of September 30, 2022 | $ | (447.8) | $ | (465.0) | $ | (4.7) | $ | (917.5) | |||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | — | 85.9 | (12.0) | 73.9 | |||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (0.5) | — | (9.1) | (9.6) | |||||||||||||||||||||||||
Other comprehensive (loss) income | (0.5) | 85.9 | (21.1) | 64.3 | |||||||||||||||||||||||||
Balance as of December 31, 2022 | $ | (448.3) | $ | (379.1) | $ | (25.8) | $ | (853.2) |
Three Months Ended December 31, 2017 | |||||||||||||||||||
Pension and other postretirement benefit plan adjustments, net of tax | Accumulated currency translation adjustments, net of tax | Net unrealized gains (losses) on cash flow hedges, net of tax | Net unrealized gains (losses) on available-for-sale investments, net of tax | Total accumulated other comprehensive loss, net of tax | |||||||||||||||
Balance as of September 30, 2017 | $ | (927.0 | ) | $ | (237.7 | ) | $ | (14.4 | ) | $ | (0.1 | ) | $ | (1,179.2 | ) | ||||
Other comprehensive loss before reclassifications | — | (16.1 | ) | (3.4 | ) | (1.1 | ) | (20.6 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | 20.2 | — | 3.9 | — | 24.1 | ||||||||||||||
Other comprehensive income (loss) | 20.2 | (16.1 | ) | 0.5 | (1.1 | ) | 3.5 | ||||||||||||
Balance as of December 31, 2017 | $ | (906.8 | ) | $ | (253.8 | ) | $ | (13.9 | ) | $ | (1.2 | ) | $ | (1,175.7 | ) |
Three Months Ended December 31, 2016 | |||||||||||||||||||
Pension and other postretirement benefit plan adjustments, net of tax | Accumulated currency translation adjustments, net of tax | Net unrealized gains (losses) on cash flow hedges, net of tax | Net unrealized gains (losses) on available-for-sale investments, net of tax | Total accumulated other comprehensive loss, net of tax | |||||||||||||||
Balance as of September 30, 2016 | $ | (1,239.8 | ) | $ | (294.9 | ) | $ | (4.1 | ) | $ | — | $ | (1,538.8 | ) | |||||
Other comprehensive income (loss) before reclassifications | 0.7 | (86.2 | ) | 11.8 | — | (73.7 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 23.8 | — | (0.2 | ) | — | 23.6 | |||||||||||||
Other comprehensive income (loss) | 24.5 | (86.2 | ) | 11.6 | — | (50.1 | ) | ||||||||||||
Balance as of December 31, 2016 | $ | (1,215.3 | ) | $ | (381.1 | ) | $ | 7.5 | $ | — | $ | (1,588.9 | ) |
Three Months Ended December 31, | Affected Line in the Consolidated Statement of Operations | ||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||
Pension and other postretirement benefit plan adjustments (1) | |||||||||||||||||||||||||||||
Amortization of net actuarial loss (gain) | $ | 0.1 | $ | (0.9) | Other income | ||||||||||||||||||||||||
0.1 | (0.9) | Income before income taxes | |||||||||||||||||||||||||||
— | 0.4 | Income tax provision | |||||||||||||||||||||||||||
$ | 0.1 | $ | (0.5) | Net income attributable to Rockwell Automation, Inc. | |||||||||||||||||||||||||
Net unrealized (gains) losses on cash flow hedges | |||||||||||||||||||||||||||||
Forward exchange contracts | $ | (1.3) | $ | (1.0) | Sales | ||||||||||||||||||||||||
Forward exchange contracts | (8.1) | (12.9) | Cost of sales | ||||||||||||||||||||||||||
Forward exchange contracts | — | 0.3 | Selling, general and administrative expenses | ||||||||||||||||||||||||||
Treasury locks related to 2019 and 2021 debt issuances | 0.9 | 0.9 | Interest expense | ||||||||||||||||||||||||||
(8.5) | (12.7) | Income before income taxes | |||||||||||||||||||||||||||
2.3 | 3.6 | Income tax provision | |||||||||||||||||||||||||||
$ | (6.2) | $ | (9.1) | Net income attributable to Rockwell Automation, Inc. | |||||||||||||||||||||||||
Total reclassifications | $ | (6.1) | $ | (9.6) | Net income attributable to Rockwell Automation, Inc. |
Three Months Ended December 31, | Affected Line in the Condensed Consolidated Statement of Operations | ||||||||
2017 | 2016 | ||||||||
Pension and other postretirement benefit plan adjustments: | |||||||||
Amortization of prior service credit | $ | (1.1 | ) | $ | (2.3 | ) | (a) | ||
Amortization of net actuarial loss | 28.7 | 38.5 | (a) | ||||||
Settlements | — | 0.2 | (a) | ||||||
27.6 | 36.4 | Income before income taxes | |||||||
(7.4 | ) | (12.6 | ) | Income tax provision | |||||
$ | 20.2 | $ | 23.8 | Net income | |||||
Net unrealized losses (gains) on cash flow hedges: | |||||||||
Forward exchange contracts | $ | (0.5 | ) | $ | 0.5 | Sales | |||
Forward exchange contracts | 5.9 | (1.0 | ) | Cost of sales | |||||
Forward exchange contracts | (0.2 | ) | 0.3 | Selling, general and administrative expenses | |||||
5.2 | (0.2 | ) | Income before income taxes | ||||||
(1.3 | ) | — | Income tax provision | ||||||
$ | 3.9 | $ | (0.2 | ) | Net income | ||||
Total reclassifications | $ | 24.1 | $ | 23.6 | Net income |
Three Months Ended December 31, | |||||||
2017 | 2016 | ||||||
Sales | |||||||
Architecture & Software | $ | 746.9 | $ | 696.4 | |||
Control Products & Solutions | 839.7 | 793.9 | |||||
Total | $ | 1,586.6 | $ | 1,490.3 | |||
Segment operating earnings | |||||||
Architecture & Software | $ | 224.6 | $ | 208.6 | |||
Control Products & Solutions | 130.9 | 108.0 | |||||
Total | 355.5 | 316.6 | |||||
Purchase accounting depreciation and amortization | (4.4 | ) | (5.6 | ) | |||
General corporate – net | (16.2 | ) | (14.9 | ) | |||
Non-operating pension costs | (5.9 | ) | (19.8 | ) | |||
Costs related to unsolicited Emerson proposals | (11.2 | ) | — | ||||
Interest expense | (20.0 | ) | (18.7 | ) | |||
Income before income taxes | $ | 297.8 | $ | 257.6 |
Three Months Ended December 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Sales | |||||||||||||||||||||||
Intelligent Devices | $ | 927.3 | $ | 936.2 | |||||||||||||||||||
Software & Control | 603.6 | 573.3 | |||||||||||||||||||||
Lifecycle Services | 521.2 | 471.5 | |||||||||||||||||||||
Total | $ | 2,052.1 | $ | 1,981.0 | |||||||||||||||||||
Segment operating earnings | |||||||||||||||||||||||
Intelligent Devices | $ | 150.2 | $ | 209.4 | |||||||||||||||||||
Software & Control | 151.0 | 167.3 | |||||||||||||||||||||
Lifecycle Services | 54.3 | 24.3 | |||||||||||||||||||||
Total | 355.5 | 401.0 | |||||||||||||||||||||
Purchase accounting depreciation and amortization | (35.6) | (26.0) | |||||||||||||||||||||
Corporate and other | (40.0) | (27.3) | |||||||||||||||||||||
Non-operating pension and postretirement benefit credit | 4.9 | 12.4 | |||||||||||||||||||||
Change in fair value of investments | 3.1 | 140.6 | |||||||||||||||||||||
Interest expense, net | (28.3) | (32.8) | |||||||||||||||||||||
Income before income taxes | $ | 259.6 | $ | 467.9 |
IP Index | PMI | Industrial Equipment Spending (in billions) | Capacity Utilization (percent) | ||||||||
Fiscal 2018 quarter ended: | |||||||||||
December 2017 | 106.9 | 59.7 | 249.3 | 77.5 | |||||||
Fiscal 2017 quarter ended: | |||||||||||
September 2017 | 104.8 | 60.8 | 246.7 | 76.2 | |||||||
June 2017 | 105.1 | 57.8 | 241.7 | 76.6 | |||||||
March 2017 | 103.7 | 57.2 | 234.3 | 75.8 | |||||||
December 2016 | 103.3 | 54.5 | 229.0 | 75.8 | |||||||
Fiscal 2016 quarter ended: | |||||||||||
September 2016 | 103.1 | 51.7 | 226.0 | 75.8 |
IP Index | PMI | ||||||||||||||||||||||
Fiscal 2024 quarter ended: | |||||||||||||||||||||||
December 2023 | 99.0 | 47.4 | |||||||||||||||||||||
Fiscal 2023 quarter ended: | |||||||||||||||||||||||
September 2023 | 99.6 | 49.0 | |||||||||||||||||||||
June 2023 | 99.9 | 46.0 | |||||||||||||||||||||
March 2023 | 99.5 | 46.3 | |||||||||||||||||||||
December 2022 | 99.6 | 48.4 | |||||||||||||||||||||
Fiscal 2022 quarter ended: | |||||||||||||||||||||||
September 2022 | 100.4 | 50.9 | |||||||||||||||||||||
Three Months Ended December 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Sales | |||||||||||||||||||||||
Intelligent Devices (a) | $ | 927.3 | $ | 936.2 | |||||||||||||||||||
Software & Control (b) | 603.6 | 573.3 | |||||||||||||||||||||
Lifecycle Services (c) | 521.2 | 471.5 | |||||||||||||||||||||
Total sales (d) | $ | 2,052.1 | $ | 1,981.0 | |||||||||||||||||||
Segment operating earnings (1) | |||||||||||||||||||||||
Intelligent Devices (e) | $ | 150.2 | $ | 209.4 | |||||||||||||||||||
Software & Control (f) | 151.0 | 167.3 | |||||||||||||||||||||
Lifecycle Services (g) | 54.3 | 24.3 | |||||||||||||||||||||
Total segment operating earnings (2) (h) | 355.5 | 401.0 | |||||||||||||||||||||
Purchase accounting depreciation and amortization | (35.6) | (26.0) | |||||||||||||||||||||
Corporate and other | (40.0) | (27.3) | |||||||||||||||||||||
Non-operating pension and postretirement benefit credit | 4.9 | 12.4 | |||||||||||||||||||||
Change in fair value of investments | 3.1 | 140.6 | |||||||||||||||||||||
Interest expense, net | (28.3) | (32.8) | |||||||||||||||||||||
Income before income taxes (i) | 259.6 | 467.9 | |||||||||||||||||||||
Income tax provision | (46.9) | (89.2) | |||||||||||||||||||||
Net income | 212.7 | 378.7 | |||||||||||||||||||||
Net loss attributable to noncontrolling interests | (2.5) | (5.3) | |||||||||||||||||||||
Net income attributable to Rockwell Automation | $ | 215.2 | $ | 384.0 | |||||||||||||||||||
Diluted EPS | $ | 1.86 | $ | 3.31 | |||||||||||||||||||
Adjusted EPS (3) | $ | 2.04 | $ | 2.46 | |||||||||||||||||||
Diluted weighted average outstanding shares | 115.2 | 115.5 | |||||||||||||||||||||
Pre-tax margin (i/d) | 12.7 | % | 23.6 | % | |||||||||||||||||||
Intelligent Devices segment operating margin (e/a) | 16.2 | % | 22.4 | % | |||||||||||||||||||
Software & Control segment operating margin (f/b) | 25.0 | % | 29.2 | % | |||||||||||||||||||
Lifecycle Services segment operating margin (g/c) | 10.4 | % | 5.2 | % | |||||||||||||||||||
Total segment operating margin (2) (h/d) | 17.3 | % | 20.2 | % |
Three Months Ended December 31, | |||||||
2017 | 2016 | ||||||
Sales | |||||||
Architecture & Software | $ | 746.9 | $ | 696.4 | |||
Control Products & Solutions | 839.7 | 793.9 | |||||
Total sales (a) | 1,586.6 | $ | 1,490.3 | ||||
Segment operating earnings(1) | |||||||
Architecture & Software | 224.6 | $ | 208.6 | ||||
Control Products & Solutions | 130.9 | 108.0 | |||||
Total segment operating earnings(2) (b) | 355.5 | 316.6 | |||||
Purchase accounting depreciation and amortization | (4.4 | ) | (5.6 | ) | |||
General corporate — net | (16.2 | ) | (14.9 | ) | |||
Non-operating pension costs | (5.9 | ) | (19.8 | ) | |||
Costs related to unsolicited Emerson proposals | (11.2 | ) | — | ||||
Interest expense | (20.0 | ) | (18.7 | ) | |||
Income before income taxes (c) | 297.8 | 257.6 | |||||
Income tax provision | (534.2 | ) | (42.9 | ) | |||
Net (loss) income | (236.4 | ) | $ | 214.7 | |||
Diluted EPS | $ | (1.84 | ) | $ | 1.65 | ||
Adjusted EPS(3) | $ | 1.96 | $ | 1.75 | |||
Diluted weighted average outstanding shares for diluted EPS | 128.2 | 129.7 | |||||
Diluted weighted average outstanding shares for adjusted EPS(3) | 130.1 | 129.7 | |||||
Total segment operating margin(2) (b/a) | 22.4 | % | 21.2 | % | |||
Pre-tax margin (c/a) | 18.8 | % | 17.3 | % |
Change vs. | Change in Organic Sales (1) vs. | ||||||||||||||||
Three Months Ended December 31, 2023 | Three Months Ended December 31, 2022 | Three Months Ended December 31, 2022 | |||||||||||||||
North America | $ | 1,247.1 | 5.8 | % | 4.2 | % | |||||||||||
Europe, Middle East, and Africa | 388.3 | 4.2 | % | (2.2) | % | ||||||||||||
Asia Pacific | 275.6 | (7.0) | % | (7.4) | % | ||||||||||||
Latin America | 141.1 | 6.2 | % | (0.5) | % | ||||||||||||
Total Company Sales | $ | 2,052.1 | 3.6 | % | 1.0 | % |
Three Months Ended December 31, | |||||||
2017 | 2016 | ||||||
Purchase accounting depreciation and amortization | |||||||
Architecture & Software | $ | 1.6 | $ | 1.6 | |||
Control Products & Solutions | 2.5 | 3.8 | |||||
Non-operating pension costs | |||||||
Architecture & Software | 1.8 | 7.1 | |||||
Control Products & Solutions | 2.8 | 11.1 |
Three Months Ended December 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Purchase accounting depreciation and amortization | |||||||||||||||||||||||
Intelligent Devices | $ | 9.3 | $ | 1.0 | |||||||||||||||||||
Software & Control | 17.0 | 16.9 | |||||||||||||||||||||
Lifecycle Services | 9.1 | 7.8 | |||||||||||||||||||||
Non-operating pension and postretirement benefit credit | |||||||||||||||||||||||
Intelligent Devices | $ | (1.8) | $ | (3.9) | |||||||||||||||||||
Software & Control | (1.8) | (3.9) | |||||||||||||||||||||
Lifecycle Services | (2.4) | (5.3) |
Three Months Ended December 31, | |||||||
2017 | 2016 | ||||||
Service cost | $ | 22.2 | $ | 24.1 | |||
Amortization of prior service credit | 0.2 | (0.8 | ) | ||||
Operating pension costs | 22.4 | 23.3 | |||||
Interest cost | 38.8 | 37.8 | |||||
Expected return on plan assets | (61.2 | ) | (56.2 | ) | |||
Amortization of net actuarial loss | 28.3 | 38.0 | |||||
Settlements | — | 0.2 | |||||
Non-operating pension costs | 5.9 | 19.8 | |||||
Net periodic pension cost | $ | 28.3 | $ | 43.1 |
Three Months Ended December 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Net income attributable to Rockwell Automation | $ | 215.2 | $ | 384.0 | |||||||||||||||||||
Non-operating pension and postretirement benefit credit | (4.9) | (12.4) | |||||||||||||||||||||
Tax effect of non-operating pension and postretirement benefit credit | 1.0 | 2.8 | |||||||||||||||||||||
Purchase accounting depreciation and amortization attributable to Rockwell Automation | 32.7 | 23.0 | |||||||||||||||||||||
Tax effect of purchase accounting depreciation and amortization attributable to Rockwell Automation | (5.5) | (5.6) | |||||||||||||||||||||
Change in fair value of investments (1) | (3.1) | (140.6) | |||||||||||||||||||||
Tax effect of change in fair value of investments (1) | 0.6 | 34.1 | |||||||||||||||||||||
Adjusted income | $ | 236.0 | $ | 285.3 | |||||||||||||||||||
Diluted EPS | $ | 1.86 | $ | 3.31 | |||||||||||||||||||
Non-operating pension and postretirement benefit credit | (0.04) | (0.10) | |||||||||||||||||||||
Tax effect of non-operating pension and postretirement benefit credit | 0.01 | 0.02 | |||||||||||||||||||||
Purchase accounting depreciation and amortization attributable to Rockwell Automation | 0.28 | 0.20 | |||||||||||||||||||||
Tax effect of purchase accounting depreciation and amortization attributable to Rockwell Automation | (0.05) | (0.05) | |||||||||||||||||||||
Change in fair value of investments (1) | (0.03) | (1.22) | |||||||||||||||||||||
Tax effect of change in fair value of investments (1) | 0.01 | 0.30 | |||||||||||||||||||||
Adjusted EPS | $ | 2.04 | $ | 2.46 | |||||||||||||||||||
Effective tax rate | 18.1 | % | 19.1 | % | |||||||||||||||||||
Tax effect of non-operating pension and postretirement benefit credit | (0.1) | % | (0.1) | % | |||||||||||||||||||
Tax effect of purchase accounting depreciation and amortization attributable to Rockwell Automation | (0.1) | % | 0.5 | % | |||||||||||||||||||
Tax effect of change in fair value of investments (1) | — | % | (2.4) | % | |||||||||||||||||||
Adjusted effective tax rate | 17.9 | % | 17.1 | % |
Three Months Ended December 31, | |||||||
2017 | 2016 | ||||||
(Loss) Income from continuing operations | $ | (236.4 | ) | $ | 214.7 | ||
Non-operating pension costs | 5.9 | 19.8 | |||||
Tax effect of non-operating pension costs | (1.8 | ) | (7.2 | ) | |||
Costs related to unsolicited Emerson proposals | 11.2 | — | |||||
Tax effect of costs related to unsolicited Emerson proposals | (3.1 | ) | — | ||||
Effect of deemed repatriation of foreign earnings due to the Tax Act1 | 385.5 | — | |||||
Effect of net deferred tax asset revaluation due to the Tax Act1 | 94.2 | — | |||||
Adjusted Income | $ | 255.5 | $ | 227.3 | |||
Diluted EPS from continuing operations | $ | (1.84 | ) | $ | 1.65 | ||
Non-operating pension costs per diluted share | 0.06 | 0.15 | |||||
Tax effect of non-operating pension costs per diluted share | (0.01 | ) | (0.05 | ) | |||
Costs related to unsolicited Emerson proposals | 0.09 | — | |||||
Tax effect of costs related to unsolicited Emerson proposals | (0.02 | ) | — | ||||
Effect of deemed repatriation of foreign earnings due to the Tax Act1 | 2.96 | — | |||||
Effect of net deferred tax asset revaluation due to the Tax Act1 | 0.72 | — | |||||
Adjusted EPS | $ | 1.96 | $ | 1.75 | |||
Effective tax rate | 179.4 | % | 16.7 | % | |||
Tax effect of non-operating pension costs | 0.3 | % | 1.4 | % | |||
Tax effect of costs related to unsolicited Emerson proposals | 0.3 | % | — | % | |||
Effect of deemed repatriation of foreign earnings due to the Tax Act1 | (129.5 | )% | — | % | |||
Effect of net deferred tax asset revaluation due to the Tax Act1 | (31.6 | )% | — | % | |||
Adjusted Effective Tax Rate | 18.9 | % | 18.1 | % |
Three Months Ended December 31, | ||||||||||||
(in millions, except per share amounts) | 2017 | 2016 | Change | |||||||||
Sales | $ | 1,586.6 | $ | 1,490.3 | $ | 96.3 | ||||||
Income before income taxes | 297.8 | 257.6 | 40.2 | |||||||||
Diluted EPS | (1.84 | ) | 1.65 | (3.49 | ) | |||||||
Adjusted EPS | 1.96 | 1.75 | 0.21 |
Change vs. | Change in Organic Sales(1) vs. | ||||||||
Three Months Ended December 31, 2017 | Three Months Ended December 31, 2016 | Three Months Ended December 31, 2016 | |||||||
United States | $ | 851.9 | 3.9 | % | 5.4 | % | |||
Canada | 92.0 | 11.2 | % | 11.5 | % | ||||
Europe, Middle East and Africa (EMEA) | 307.4 | 13.6 | % | 4.9 | % | ||||
Asia Pacific | 214.5 | 4.3 | % | 1.5 | % | ||||
Latin America | 120.8 | 8.6 | % | 8.5 | % | ||||
Total sales | $ | 1,586.6 | 6.5 | % | 5.3 | % |
Three Months Ended December 31, | |||||||||||||
(in millions, except percentages) | 2017 | 2016 | Change | ||||||||||
Sales | $ | 746.9 | $ | 696.4 | $ | 50.5 | |||||||
Segment operating earnings | 224.6 | 208.6 | 16.0 | ||||||||||
Segment operating margin | 30.1 | % | 30.0 | % | 0.1 | pts |
Three Months Ended December 31, | |||||||||||||
(in millions, except percentages) | 2017 | 2016 | Change | ||||||||||
Sales | $ | 839.7 | $ | 793.9 | $ | 45.8 | |||||||
Segment operating earnings | 130.9 | 108.0 | 22.9 | ||||||||||
Segment operating margin | 15.6 | % | 13.6 | % | 2.0 | pts |
Three Months Ended December 31, | |||||||||||||||||||||
Three Months Ended December 31, | 2023 | 2022 | |||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||
Cash provided by (used for): | |||||||||||||||||||||
Cash provided by (used for) | |||||||||||||||||||||
Operating activities | |||||||||||||||||||||
Operating activities | |||||||||||||||||||||
Operating activities | $ | 212.7 | $ | 310.8 | |||||||||||||||||
Investing activities | (33.0 | ) | (37.6 | ) | |||||||||||||||||
Financing activities | (26.6 | ) | (151.9 | ) | |||||||||||||||||
Effect of exchange rate changes on cash | (17.0 | ) | (53.1 | ) | |||||||||||||||||
Cash provided by continuing operations | $ | 136.1 | $ | 68.2 | |||||||||||||||||
Decrease in cash, cash equivalents, and restricted cash |
Three Months Ended December 31, | |||||||||||||||||||||
Three Months Ended December 31, | 2023 | 2022 | |||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||
Cash provided by continuing operating activities | $ | 212.7 | $ | 310.8 | |||||||||||||||||
Cash provided by operating activities | |||||||||||||||||||||
Capital expenditures | (34.1 | ) | (39.4 | ) | |||||||||||||||||
Free cash flow | $ | 178.6 | $ | 271.4 |
Credit Rating Agency | Short-Term Rating | Long-Term Rating | Outlook | |||||||||||||||||||
Standard & Poor’s | A-1 | A | ||||||||||||||||||||
Moody’s | P-2 | A3 | Stable | |||||||||||||||||||
Fitch Ratings | F1 | A | Stable |
Three Months Ended December 31, 2017 | Three Months Ended December 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales | Effect of Changes in Currency | Sales Excluding Effect of Changes in Currency | Effect of Acquisitions | Organic Sales | Sales | Effect of Divestitures | Sales Excluding Divestitures | Three Months Ended December 31, 2023 | Three Months Ended December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United States | $ | 851.9 | $ | (0.7 | ) | $ | 851.2 | $ | — | $ | 851.2 | $ | 820.1 | $ | (12.3 | ) | $ | 807.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Canada | 92.0 | (4.4 | ) | 87.6 | — | 87.6 | 82.7 | (4.1 | ) | 78.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMEA | 307.4 | (23.4 | ) | 284.0 | — | 284.0 | 270.7 | — | 270.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported Sales | Reported Sales | Less: Effect of Acquisitions | Effect of Changes in Currency | Organic Sales | Reported Sales | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North America | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Europe, Middle East, and Africa | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | 214.5 | (5.8 | ) | 208.7 | — | 208.7 | 205.6 | — | 205.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Latin America | 120.8 | (2.1 | ) | 118.7 | — | 118.7 | 111.2 | (1.8 | ) | 109.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Company Sales | $ | 1,586.6 | $ | (36.4 | ) | $ | 1,550.2 | $ | — | $ | 1,550.2 | $ | 1,490.3 | $ | (18.2 | ) | $ | 1,472.1 |
Three Months Ended December 31, 2017 | Three Months Ended December 31, 2016 | ||||||||||||||||||||||||||||||
Sales | Effect of Changes in Currency | Sales Excluding Effect of Changes in Currency | Effect of Acquisitions | Organic Sales | Sales | Effect of Divestitures | Sales Excluding Divestitures | ||||||||||||||||||||||||
Architecture & Software | $ | 746.9 | $ | (18.2 | ) | $ | 728.7 | $ | — | $ | 728.7 | $ | 696.4 | $ | — | $ | 696.4 | ||||||||||||||
Control Products & Solutions | 839.7 | (18.2 | ) | 821.5 | — | 821.5 | 793.9 | (18.2 | ) | 775.7 | |||||||||||||||||||||
Total Company Sales | $ | 1,586.6 | $ | (36.4 | ) | $ | 1,550.2 | $ | — | $ | 1,550.2 | $ | 1,490.3 | $ | (18.2 | ) | $ | 1,472.1 |
Three Months Ended December 31, 2023 | Three Months Ended December 31, 2022 | ||||||||||||||||||||||||||||||||||
Reported Sales | Less: Effect of Acquisitions | Effect of Changes in Currency | Organic Sales | Reported Sales | |||||||||||||||||||||||||||||||
Intelligent Devices | $ | 927.3 | $ | 21.1 | $ | 11.9 | $ | 894.3 | $ | 936.2 | |||||||||||||||||||||||||
Software & Control | 603.6 | — | 7.5 | 596.1 | 573.3 | ||||||||||||||||||||||||||||||
Lifecycle Services | 521.2 | 6.7 | 5.0 | 509.5 | 471.5 | ||||||||||||||||||||||||||||||
Total Company Sales | $ | 2,052.1 | $ | 27.8 | $ | 24.4 | $ | 1,999.9 | $ | 1,981.0 |
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share (2) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Approx. Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (3) | ||||||||||||||||||||||
October 1-31, 2023 | 118,222 | $ | 279.11 | 118,222 | $ | 907,312,780 | ||||||||||||||||||||
November 1-30, 2023 | 284,983 | 268.07 | 284,983 | 830,917,548 | ||||||||||||||||||||||
December 1-31, 2023 | 37,137 | 294.78 | 37,137 | 819,970,467 | ||||||||||||||||||||||
Total | 440,342 | $ | 273.28 | 440,342 |
Period | Total Number of Shares Purchased | Average Price Paid Per Share(1) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Approx. Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs(2) | ||||||||||
October 1 - 31, 2017 | — | $ | — | — | $ | 608,404,669 | ||||||||
November 1 - 30, 2017 | 180,000 | 192.46 | 180,000 | 573,762,216 | ||||||||||
December 1 - 31, 2017 | 900,000 | 193.28 | 900,000 | 399,810,783 | ||||||||||
Total | 1,080,000 | 193.14 | 1,080,000 |
— | |||||||||||||||
— | |||||||||||||||
— | |||||||||||||||
— | |||||||||||||||
— | |||||||||||||||
Exhibit 101 | — | Interactive Data Files. | |||||||||||||
Exhibit 104 | — | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | |||||||||||||
ROCKWELL AUTOMATION, INC. (Registrant) | ||||||||||||||||||
Date: | January 31, | By | /s/ | |||||||||||||||
Nicholas C. Gangestad Senior Vice President and Chief Financial Officer (Principal Financial Officer) |
Date: | |||||||||||||||||
January 31, | By | /s/ | |||||||||||||||
Terry L. Riesterer Vice President and Controller (Principal Accounting Officer) |